Chipper Cash, an African cross-border fintech startup has raised US$ 30 million in Series B funding round held in November 2020 and led by Ribbit Capital with the participation of Bezos Expeditions, the personal VC fund of Amazon CEO Jeff Bezos. According to Crunchbase data, this investment would be the first in Africa for the fund.
The startup plans to expand its products and geographic scope with the support of this fresh capital. The company will be offering more business payment solutions, cryptocurrency trading options, and investment services. Chipper Cash will also announce by the end of 2021, its plans for expansion to additional country expansion.
The company offers mobile-based, no extra fee, P2P payment services in seven countries of Africa – Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.
Along with its P2P app, the startup also runs Chipper Checkout which is a merchant-focused, fee-based payment product that produces the revenue that supports Chipper Cash’s free mobile-money business. The company has scaled to 3 million users on its platform and processes an average of 80,000 transactions daily to date. In June 2020, the startup had reached an impressive monthly payment value of US$ 100 million, according to CEO Ham Serunjogi.
Earlier, Chipper Cash has added beta dropdowns on its website and app to buy and sell Bitcoin and invest in U.S. stocks from Africa, the latter through a partnership with US-based financial services company DriveWealth.
The startup expanded into Nigeria and Southern Africa in 2019 and locked a payments partnership with Visa in April this year. “We’ll launch [the stock product] in Nigeria first so Nigerians have the option to buy fractional stocks – Tesla shares, Apple shares or Amazon shares and others, through our app. We’ll expand into other countries thereafter,” said Serunjogi.
“It’s a big deal when a world-class investor like Bezos or Ribbit goes out of their sweet spot to a new area where they previously haven’t done investments. Ultimately, the winner of those things happening in the African tech ecosystem overall, as it will bring more investment from firms of that calibre to African startups,” he added.
About Chipper Cash
Founded by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled in 2018, Chipper Cash is a fintech platform that provides cross-border money transfer services through mobile. The founders came to the US for academics, met in Iowa while studying at Grinnell College and ventured out to Silicon Valley, where Serunjogi worked for Facebook and Moujaled in Flickr and Yahoo!.
About Ribbit Capital
It is a venture capital firm that invests in early-stage companies. The firm was founded by Meyer Malka in 2012 and has its headquarters in San Francisco, USA.
About Bezos Expeditions
Bezos Expeditions manages Jeff Bezos’ personal venture capital investments, which is not connected to Jeff Bezo’s hallmark business venture, Amazon. It was founded in 2005 and is headquartered in Seattle, USA.
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